Debt Sold

Emmacastle

hi everyone, im looking for some help! 

i had a loan with NatWest and they sold it to Westcott, i had a payment plan in place with NatWest and then it transferred to Westcott. long story short i had an issue and made a complaint with them, they told me that they 'were passed the debt on the 29th March 2023' and was then 'withdrawn from us on the 29th April 2024' i was then told that NatWest replaced the account with Westcott on the 20th April 2024. 

where does this leave me with regards to the balance? i still have a payment plan in place but surely if they had the debt then didn’t and now have it again this isn’t right? is there anything i can do to reduce the balance?? balance is at £11k 

Brie

If they have sold the debt to Westcott then W may be willing to take a reduced amount to clear the balance.  But this is likely to be a few thousand I'd guess.  Do you have that kind of money available?

Or they may have placed the debt with W to collect on Natwest's behalf.  In that case W won't be offering your a deal and payment should, perhaps, continue as previously.  

Either way you should have received something from NW to say they are passing a debt of £XXX to W as of whatever date.  If you don't agree with those amounts you need to tell NW that there is an error.  Usual mistakes occur when a debt is passed along but payments continue to go to the original creditor so the new creditor will be expecting an inflated amount.  

Do you have other debts as well?  If so perhaps you need to discuss a debt solution with someone if you haven't already.  StepChange, NationalDebtline, Community Money Advice and Citizen's Advice are great places to start.  

RAS

Did it transfer to Westcott or was it sold on?

On what date was the default issued? Check the relevant credit report.

sourcrates

Wescot no longer purchases or owns debts.

If an account is being managed by Wescot this does not mean they have bought the debt, it means they have been equitably assigned the debt, and are managing recovery of it on behalf of the client company.

Once the debt is repaid the account will return to the original company.

Debts are transferred and returned all the time, its very common, and does not alter the amount you owe them.